Singapore-based Fullerton Healthcare Corp on Monday said it entered into agreements to acquire a 60 percent stake in Philippine-based Intellicare Group.

Singapore-based Fullerton Healthcare Corp on Monday said it entered into agreements to acquire a 60 percent stake in Philippine-based Intellicare Group.

The Intellicare Group, founded in 1995, is a health care provider in the Philippines and comprises of three companies: Asalus, Avega and Aventus.

The Philippines is an important market in Asia Pacific for Fullerton Health, underpinned by attractive underlying growth drivers, the company said in a regulatory filing.

"With a population of over 100 million people, the Philippines offers great growth potential for the company, and the potential synergies between our two businesses...," said Michael Tan, co-Founder and CEO of Fullerton Health.

Completion of the transaction is expected in early 2018.

Fullerton Health owns more than 227 medical centres across seven countries and have a network of more than 8,000 medical providers around the world.

Last month, the company received an investment of 800 million yuan (S$163.25 million) from Ping An Capital, the core equity investment platform of China's Ping An Insurance.